India FM Nirmala Sitharaman today announced a series of measures to help Indian economy besieged by coronavirus pandemic. Announcement was mainly focused on statutory and compliance related issues.
- Aadhar-PAN linking deadlines is now extended to June 30 from March 31
- No ATM charges for cash withdrawal for 3 months.
- No minimum balance is required in bank accounts.
- For new companies declaration of commencement of business extra 6 months are given
- Financial Year 2018-19 now will be extended to June 30, 2020.
- Interest on late payment is reduced from 12% to 9%
- Vivad Se Samvad scheme extended to June 30 without any additional change
- Last date for filing second quarter GST is now extended to June 30
- Companies with less than 5 Crore turnover, no penalty or interest. For above reduced interest rate 9% will be chanrged.
- Custom services made as essential service 24*7 till June 30.
- For small businesses insolvency proceedings’ threshold limit extended from Rs 1 Lakh to RS 1 Crore
